simplified prospectus - unicredit bulbank

JOB: A10-0506-01 Pioneer SF English | Page OBC | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-21-11 JOB: A10-0506-01 Pioneer SF English | Page OFC | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-21-11

Simplified Prospectus dated December 2011

Pioneer P.F. A Luxembourg Investment Fund(Fonds Commun de Placement)

JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11

Pioneer P.F. – Simplified Prospectus 3

Table of ContentsI. ManagementandAdministration................................................................................. 4

II. LocalAgents............................................................................................................... 6

III. Sub‑Funds.................................................................................................................. 81. PioneerP.F.–DynamicHybrid80Guaranteed........................................................................ 92. PioneerP.F.–GlobalDefensive20.............................................................................................. 113. PioneerP.F.–GlobalBalanced50............................................................................................... 134. PioneerP.F.–GlobalChanges..................................................................................................... 155. PioneerP.F.–StrategiePortfolioAbsolut.................................................................................... 176. PioneerP.F.–StrategiePortfolioBalance.................................................................................... 197. PioneerP.F.–StrategiePortfolioWachstum............................................................................... 218. PioneerP.F.–StrategiePortfolioChance.................................................................................... 23

IV. InvestmentInformation–General................................................................................ 25

V. FinancialInformation–General................................................................................... 35

VI. CommercialInformation–General............................................................................... 37


4 Pioneer P.F. – Simplified Prospectus


Thissimplifiedprospectus(the“SimplifiedProspectus”)containsonlykeyinformationaboutthePioneerP.F.(the“Fund”)andeachofitsSub-Funds(eacha“Sub-Fund”andcollectivelythe“Sub-Funds”).Formoreinformation,includingthelatestfullprospectusofFund(the“FullProspectus”),withthelatestannualandsemi-annualreportsthatdescribeindetaileachSub-Fund’sobjectives,feesandexpenses,risksandothermattersofinterest,pleasecontactyourfinancialadvisororrequesttheProspectuswiththelatestannualandsemi-annualreportsattheManagementCompanyoftheFund,Pioneer Asset Management S.A.,4RueAlphonseWeicker,L–2721Luxembourg,telephone+352421201,facsimile+352421208300.Suchdocumentsareavailable,atanytime,freeofcharge,forexistingandfutureinvestors.UnlessotherwisedefinedinthisSimplifiedProspectus,capitalisedwordsshallbedeemedtohavethemeaningspecifiedintheFullProspectus.InvestorsareadvisedtoreadthelatestFullProspectusoftheFundbeforemakinganyinvestmentdecisions.

UmbrellaFCPcreatedinLuxembourgon20November2006foranunlimitedperiodoftimeandorganizedunderPartIofthelawofDecember17,2010relatingtoundertakingsforcollectiveinvestment(the“2010 Law”)

UniCredit S.p.A.

Pioneer Asset Management S.A. 4,RueAlphonseWeickerL-2721LuxembourgGrandDuchyofLuxembourg

Pioneer Investment Management Limited 1,George’sQuayPlazaGeorge’sQuayDublin2Ireland

Pioneer Investments Kapitalanlagegesellschaft mbH Apianstraße16-20D-85774UnterföhringnearMunichGermany

Société Générale Bank & Trust 11,AvenueEmileReuterL-2420LuxembourgGrandDuchyofLuxembourg

KPMG Luxembourg S.à r.l. 9,AlléeSchefferL-2520LuxembourgGrandDuchyofLuxembourg

Société Générale Securities Services Luxembourg 16,BoulevardRoyalL-2449LuxembourgGrandDuchyofLuxembourg

I. Management and Administration

Legal Structure of the Fund

Promoter of the Fund

Management Company, Domiciliary Agent and Distributor

Investment Managers

Depositary and Paying Agent

Auditor

Administrator

JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11 JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11


European Fund Services S.A. 18,BoulevardRoyalL-2449LuxembourgGrandDuchyofLuxembourg

Arendt & Medernach 14,RueErasmeL-2082LuxembourgGrandDuchyofLuxembourg

Commission de Surveillance du Secteur Financier (www.cssf.lu)

Registrar and Transfer Agent

Legal Advisor

Supervisory Authority




PioneerAssetManagementS.A.4,RueAlphonseWeickerL-2721Luxembourg.Grand-DuchyofLuxembourgTel: +35242120–1Fax: +352421208300

Paying Agent Information Agent SociétéGénéraleS.A. PioneerInvestmentsKapitalanlagegesellschaftmbHFrankfurtBranch Apianstraße16-20NeueMainzerStraße46-50 D-85774UnterföhringnearMunichD-60311FrankfurtamMain GermanyGermany Tel: +498008881928Fax: +498007771928

Paying Agent and Information Agent UniCreditBankAustriaAGSchottengasse6-8A-1010ViennaAustria

PioneerGlobalInvestmentsLimitedPaseodelaCastellana41–2aplantaE-28046MadridSpainTel: +34917874400Fax: +34917874440

Information Agent and Representative Agent FastnetNetherlandsN.V.DeRuyterkade6NL-1013AAAmsterdamNetherlandsTel: +31205308300Fax: +31205308350

Paying Agent Information Agent SociétéGénérale PioneerGlobalInvestmentsLimited29,BoulevardHaussmann 1erétage6rueHalevyF-75009Paris F-75009ParisFrance France

Paying Agent Representative Agent LiechtensteinischeLandesbankAG LLBFundServicesAktiengesellschaftStädtle44 Äulestrasse80,Postfach1238FL-9490Vaduz FL-9490VaduzLiechtenstein LiechtensteinTel: +4232369405Fax +4232369406

II. Local AgentsLuxembourg

Germany

Austria

Spain

TheNetherlands

France

Liechtenstein



Representative PioneerAssetManagement,a.s.Karolinská650/1Praha8,18600CzechRepublicTel: +420296354111Fax: +420296354100

Paying Agent UniCreditBankSlovakia,a.s.Šancová1/ABratislava,81333SlovakRepublicTel: +421249501111

PioneerFundManagementLtd1011BudapestFőutca14HungaryTel: +3615774200Fax: +3615774250

Paying Agent UniCreditBankSlovenijad.d.Šmartinska1401000LjubljanaSloveniaTel: +38615876462Fax: +38615876441

Paying Agent UniCreditBulbankAD7Sv.NedelyaSquare1000SofiaBulgariaTel: +35929232150Fax:+35929884636

Uponrequest,theFullandSimplifiedProspectusesandtheannualandsemi-annualreportsmaybeobtainedfreeofchargebeforetheconclusionofthecontractandafterwardsfrom:

→→ the→Management→Company,→Domiciliary→Agent→and→Distributor:→Pioneer→Asset→Management→S.A.;

→→ the→Depositary→and→Paying→Agent:→Société→Générale→Bank→&→Trust;→→ the→Administrator:→Société→Générale→Securities→Services→Luxembourg;→→ the→Registrar→and→Transfer→Agent:→European→Fund→Services→S.A.;→→ the→local→agents→in→each→jurisdiction→where→the→Fund→is→marketed.

CzechRepublic

SlovakRepublic

Hungary

Slovenia

Bulgaria

Further information




DynamicHybrid80Guaranteed;GlobalDefensive20;GlobalBalanced50;GlobalChanges.

StrategiePortfolioAbsolut;StrategiePortfolioBalance;StrategiePortfolioWachstum;StrategiePortfolioChance.

III. Sub‑Funds1. Sub‑Funds managed

by Pioneer Investment Management Limited, Dublin

2. Sub‑Funds managed by Pioneer Investments Kapitalanlagegesellschaft mbH, Munich



InvestmentObjectiveThisSub-Fundseekstoachievecapitalappreciationoverthemediumtolong-termwhileprovidinginvestorsapartialguaranteeofcapitalinvested.

InvestmentPolicyTheSub-Fundwillcompriseadiversifiedportfolioofassetsinvestedinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,MoneyMarketInstruments,debtanddebt-relatedinstruments(includingbondscumwarrants),depositssubjecttocallwithamaximumtermof12monthsandinterest-ratecertificates.

TheSub-Fundadoptsadynamicportfolioallocationtechnique,asoutlinedbelow,whichmonitorsonadailybasistheanalyticsoftheportfolioandalltheunderlyingfinancialinstrumentsagainsttheprevailingguaranteelevel.

TheSub-Fund’sNetAssetValuewillreflectthefinancialmarketsdynamics,dependingonthedifferentfinancialpatternsofallunderlyinginstruments.IntheeventofadversefinancialconditionsthedynamicallocationtechniqueswillindicateaprogressiveshiftofportfolioallocationfromhighertolowerriskinstrumentswithaviewtomaintainingthevalueoftheSub-Fundatorabovetheprevailingguaranteelevel.Accordingly,thecompositionoftheSub-Fundmayvaryconsiderablyatanytime.

TheGuaranteeandtheGuarantorTheguarantorisUniCreditBankAG(the“Guarantor”)whichprovidesarollingguarantee(the“Guarantee”)thatonthelastBusinessDayofeachcalendarmonth(the“GuaranteeDay”)theNetAssetValueoftheSub-Fundisnotlessthan80%oftheNetAssetValueoftheSub-FundprevailingonthelastBusinessDayoftheprecedingcalendarmonth.IntheeventthattheGuaranteebecomespayable,theamountduewillbepaidbytheGuarantortotheFundandreflectedintheNetAssetValueaccordingly.

ThepartialguaranteegrantedbytheGuarantor(asdefinedhereinafter)fortheDynamicHybrid80GuaranteedSub-FundisbasedontheNetAssetValueoftheSub-FundprevailingonthelastBusinessDayoftheprecedingcalendarmonthandnotontheinitialsubscriptionpriceoftheUnitssubscribedbytheunitholder.Consequently,theamountreturnedmaybelessthan80%oftheinitialsubscriptionprice.Forunitholderswhoredeem,thefullbenefitoftheGuaranteewillonlybederivedfromredemptionsontheGuaranteeDayandnotfromredemptionsmadeonanyotherBusinessDayduringthemonth.

TheGuarantorisUniCreditBankAGtheGermanbasedbankingaffiliateoftheUniCreditgroupofcompanies.UniCreditBankAGwasoriginallyfoundedin1869andisregulatedbytheFederalFinancialSupervisoryAuthority(BundesanstaltfürFinanzdienstleistungsaufsicht-BaFin)underthelawsofGermany.

LaunchDateTheSub-Fundhasbeenlaunchedon1stJuly2010.

BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.

TypicalInvestor’sProfileTheSub-Fundissuitableforindividualaswellassophisticatedinvestorswishingtoparticipateinthegrowthofglobalmarketswhileremainingpartiallyguaranteedinconditionsofmarketdownturn.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolongterminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.

1. Pioneer P.F. – Dynamic Hybrid 80 GuaranteedInvestment Information




RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.

Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.

GlobalRiskMeasurementAbsoluteVaRMaximumexpectedleverage(netleverage):50%

TheSub-Fundhasnotbeeninexistenceforafullcalendaryear.Noperformanceinformationiscurrentlyavailable.

DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.

SecuritiesCodesClass A Non-Distributing LU0518745368

Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge

Class A Max. 0.00% n/a

Sub‑Fund’sOperationalExpenses Performancefee%ofUnitClass ManagementFee DistributionFee relevantamount CostofGuarantee

Class A 1.20% 0% n/a Max 0.75%

DealingpriceincaseofredemptionInrespectofredemptionofClassAUnitsonaGuaranteeDay,thedealingpricewillbethehigheroftheNetAssetValuecalculatedontheapplicableValuationDayand80%oftheNetAssetValueprevailingonthelastBusinessDayoftheprecedingcalendarmonth.OnanyValuationDayotherthanaGuaranteeDay,theGuaranteeisnotapplicableandthedealingpriceforredemptionswithintheSub-FundshallbetheNetAssetValueprevailingonsuchValuationDay.

Performance

Financial Information



InvestmentObjectiveThisSub-Fundseekstoachievecapitalappreciationandincomeoverthemediumtolong-termbyinvestinginadiversifiedportfolioofthepermissibleinstrumentsdescribedbelow.

InvestmentPolicyTheSub-Fundwillnormallyinvest20%andnotmorethan30%ofitsassetsinequitiesandequity-linkedinstruments.

TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,andinterest-ratecertificates.TheSub-Fundmayalsoinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.


TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolio.



GlobalRiskMeasurementRelativeVaR(referenceportfolio:80%JPMorganGBIEMU,12%MSCIEurope,6%MSCINorthAmericaand2%MSCIPacific)Maximumexpectedleverage(netleverage):50%

Pioneer P.F. – Global Defensive 20: 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassE.

10.00%5.00%0.00%

-5.00%-10.00%-15.00%-20.00%-25.00%

2008 2009 2010

Pioneer P.F. – Global Defensive Class E Non-Distributing EUR

-8.49%

7.38% 3.96%

2. Pioneer P.F. – Global Defensive 20Investment Information

Performance




EURUnitClasses,CumulativePerformanceinEUR 2008 2009 2010

Class A Distributing Annually –8.81% 6.91% 3.48%Class A Non-Distributing –8.74% 6.81% 3.62%Class C Non-Distributing –9.42% 6.36% 2.90%Class E Non-Distributing –8.49% 7.38% 3.96%Class F Non-Distributing –9.16% 6.55% 3.18%

USDUnitClasses,CumulativePerformanceinUSD 2008 2009 2010

Class A Non-Distributing –13.33% 10.48% –3.24%

CZKUnitClasses,CumulativePerformanceinCZK 2008 2009 2010

Class A Hedge Non-Distributing –14.03% 5.58% 3.76%


SecuritiesCodesClass A Distributing Annually EUR LU0271709270Class A Non-Distributing USD LU0271709866Class A Non-Distributing EUR LU0271869470Class A Hedge Non-Distributing CZK LU0317512845Class C Non-Distributing EUR LU0271711250Class E Non-Distributing EUR LU0271711508Class F Non-Distributing EUR LU0271711763Class I Non-Distributing EUR LU0271712498


Class A Max. 5.00% n/aClass B 0% Max. 4.00%1

Class C 0% Max. 1.00%2

Class E Max. 4.00% n/aClass F 0% n/aClass H Max. 2.00% n/aClass I 0% n/a

1 Deferred sales charge of 4.00% maximum, decreasing to zero over a 4 year period post investment.2 Deferred sales charges of 1.00% if redeemed within one year of purchase.

Sub‑Fund’sOperationalExpensesUnitClass ManagementFee DistributionFee PerformanceFee %ofRelevantAmount

Class A 1.20% 0.50% n/aClass B 1.20% Max. 1.50% n/aClass C 1.20% Max. 1.00% n/aClass E 1.20% 0% n/aClass F 1.95% 0% n/aClass H 0.80% 0% n/aClass I 0.60% 0% n/a




InvestmentObjectiveThisSub-Fundseekstoachievecapitalappreciationandincomeoverthemediumtolong-termbyinvestinginadiversifiedportfolioofthepermissibleinstrumentsdescribedbelow.

InvestmentPolicyTheSub-Fundwillnormallyinvest50%andnotmorethan70%ofitsassetsinequitiesandequity-linkedinstruments.



TypicalInvestor’sProfileTheSub-FundissuitableforindividualinvestorswishingtoparticipateincapitalmarketsTheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolio.



GlobalRiskMeasurementRelativeVaR(referenceportfolio:50%JPMorganGBIEMU,50%MSCIWorld)Maximumexpectedleverage(netleverage):50%

TheSub-Fundhasnotbeeninexistenceforafullcalendaryear.Noperformanceinformationiscurrentlyavailable.


SecuritiesCodesClass A Hedge Non-Distributing CZK LU0539737444Class A Non-Distributing USD LU0539737287Class A Non-Distributing EUR LU0539737105Class C Non-Distributing EUR LU0539737360Class E Non-Distributing EUR LU0539734698Class F Non-Distributing EUR LU0539735075Class I Non-Distributing EUR LU0558261706

3. Pioneer P.F. – Global Balanced 50Investment Information

Performance











Class A 1.50% Max. 0.50% n/aClass B 1.50% Max. 1.50% n/aClass C 1.50% Max. 1.00% n/aClass E 1.50% 0% n/aClass F 2.25% 0% n/aClass H 0.90% 0% n/aClass I 0.70% 0% n/a



InvestmentObjectiveThisSub-Fundseekstoachievecapitalappreciationoverthemediumtolong-termbyinvestinginadiversifiedportfolioofthepermissibleinstrumentsdescribedbelow.

InvestmentPolicyTheSub-Fundwillfocusitsinvestmentsonequitiesandequity-linkedinstruments,withthepossibilitytoinvestupto100%ofitsassetsinthistypeofasset.


Itmayalsoinvestinanytypeofderivativefinancialinstruments,includingbutnotlimitedtofutures,options,creditdefaultswaps,interestrateswaps,equityswaps,totalreturnswapsorcurrencyforwards,volatilityfuturesandoptions,varianceswapsandcorrelationswaps.


TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolongterminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolio.



GlobalRiskMeasurementRelativeVaR(referenceportfolio:100%MSCIACWorldDaily)Maximumexpectedleverage(netleverage):50%

Pioneer P.F. – Global Changes: 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.

35.00%30.00%25.00%20.00%15.00%10.00%

5.00%0.00%

2008 2009 2010

Pioneer P.F. – Global Changes Class A Non-Distributing EUR

n/a

33.76%

20.15%

4. Pioneer P.F. – Global ChangesInvestment Information

Performance




EURUnitClasses,cumulativeperformanceinEUR 2008 2009 2010

Class A Non-Distributing1 n/a 33.76% 20.15%Class E Non-Distributing3 n/a n/a n/aClass F Non-Distributing3 n/a n/a n/aClass H Distributing Annually2 n/a n/a n/aClass H Non-Distributing4 n/a n/a n/a

1 Unit Class launched on 10 June 2008.2 Unit Class launched on 09 February 2010.3 Unit Class launched on 10 December 2010.4 Unit Class launched on 26 February 2010.

CZKUnitClasses,cumulativeperformanceinCZK 2008 2009 2010

Class A Hedge Non-Distributing1 n/a n/a n/a 1 Unit Class launched on 10 December 2010.


SecuritiesCodesClass A Non-distributing EUR LU0360560022Class A Hedge Non-Distributing CZK LU0539736982Class E Non-Distributing EUR LU0360560378Class F Non-Distributing EUR LU0360560535Class H Distributing Annually LU0484931224Class H Non-Distributing EUR LU0490669024







Class A 1.80% Max. 0.10% n/aClass B 1.80% Max. 1.50% n/aClass C 1.80% Max. 1.00% n/aClass E 1.80% 0% n/aClass F 2.50% 0% n/aClass H 1.00% 0% n/aClass I 0.80% 0% n/a




InvestmentObjectiveThisSub-Fundistoachieveanabsolutereturnwhilekeepingeconomicriskslowbyinvestinginadiversifiedportfolio.

InvestmentPolicyTheSub-Fundmayholdupto70%ofitsassetsinequitiesandequity-linkedinstruments.TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,interest-ratecertificates,andequityandequity-indexcertificates.TheSub-Fundmayinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.

Ifmorethan50%ofthenetassetsoftheSub-FundareinvestedinotherUCIsandUCITS,atleasttwo-thirdsofthetargetfundsacquiredfortheSub-Fund,referringtothenetassetsoftheSub-Fundinvestedintargetfunds,musthaveidenticalconditionsforredemptionastheSub-Fund.

Investingprimarilyintargetfundsisgenerallyassociatedwiththefollowingadvantagesfortheinvestor:

→→ broad→risk→diversification→in→different→investment→styles→and→strategies;→→ comprehensive→selection→process→using→qualitative→and→quantitative→criteria;→→ continuous→monitoring→by→the→management→company→of→the→different→target→funds.→


TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolioasitaimstoachieveabsoluteperformanceandcapitalpreservation.



GlobalRiskMeasurementAbsoluteVaRMaximumexpectedleverage(netleverage):50%

5. Pioneer P.F. – StrategiePortfolio AbsolutInvestment Information




Pioneer P.F. – StrategiePortfolio Absolut: 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.

10.00%5.00%0.00%

-5.00%-10.00%-15.00%-20.00%

2008 2009 2010

Pioneer P.F. – StrategiePortfolio Absolut Class A Distributing Annually

-15.07%

4.64%1.01%


Class A Distributing Annually –15.07% 4.64% 1.01%


SecuritiesCodesClass A Distributing Annually EUR LU0374243409




Class A 1.40% 0% n/a

Performance




InvestmentObjectiveThisSub-Fundistogenerateanabsolutereturnwhilekeepingtheeconomicriskslowbyinvestinginadiversifiedportfolio.









GlobalRiskMeasurementRelativeVaR(referenceportfolio:27.10%MSCIEmergingMarkets,26.00%MSCINorthAmerica,25.40%STOXXEurope600,11.50%MSCIPacific,5.00%DJUBSGoldSubindexand5.00%DowJonesUBSCommodity.)Maximumexpectedleverage(netleverage):50%

6. Pioneer P.F. – StrategiePortfolio BalanceInvestment Information




Pioneer P.F. – StrategiePortfolio Balance 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.

20.00%10.00%

0.00%-10.00%-20.00%-30.00%-40.00%

2008 2009 2010

Pioneer P.F. – StrategiePortfolio Balance Class A Distributing Annually

-32.66%

18.35%

8.41%









Performance




InvestmentObjectiveThisSub-Fundistogenerateanabsolutereturnwhilekeepingtheeconomicriskslowbyinvestinginadiversifiedportfolio.










7. Pioneer P.F. – StrategiePortfolio WachstumInvestment Information




Pioneer P.F. – StrategiePortfolio Wachstum 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.

30.00%20.00%10.00%

0.00%-10.00%-20.00%-30.00%-40.00%-50.00%

2008 2009 2010

Pioneer P.F. – StrategiePortfolio Wachstum Class A Distributing Annually EUR

-38.97%

27.73%

10.82%









Performance




InvestmentObjectiveTheobjectiveofthisSub-Fundistogenerateanabsolutereturnwhilekeepingtheeconomicriskslowbyinvestinginadiversifiedportfolio.






TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolioasitaimstoachieveabsoluteperformanceandcapitalpreservation




8. Pioneer P.F. – StrategiePortfolio ChanceInvestment Information




Pioneer P.F. – StrategiePortfolio Chance 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.

30.00%20.00%10.00%

0.00%-10.00%-20.00%-30.00%-40.00%-50.00%

2008 2009 2010

Pioneer P.F. – StrategiePortfolio Chance Class A Distributing Annually EUR

-40.26%

32.10%

14.23%









Performance




ThefollowingisapplicabletoeachSub-FundexceptifotherwiseisstatedintheinvestmentpolicyofaSub-Fund.

TheassetsofeachSub-FundwillmainlybeinvestedinTransferableSecuritiesandMoneyMarketInstrumentsasreferredtoinArticle16.1.oftheManagementRegulations.TheSub-FundsarefurtherauthorisedtoinvestinotherpermittedfinancialliquidassetsinaccordancewiththeauthorisedinvestmentssetoutinArticle16.1.oftheManagementRegulations.TheSub-Fundswillalsobeauthorised,withinthelimitssetforthinArticle16oftheManagementRegulationsandtakingintoaccounttheexposurerelatingtoderivativesreferredtotherein,toachievetheirobjectivethroughinvestmentinfinancialderivativeinstrumentsoruseofcertaintechniquesandInstrumentsforhedgingand/orforotherpurposestothefullestextentpermittedinArticle16oftheManagementRegulationsincludingoptions,forwardforeignexchangecontracts,futures,includinginternationalequityandbondindicesand/orswaps(suchascreditdefaultswaps,currencyswaps,inflationlinkedswaps,interestrateswaps,swaptionsandequity/totalreturnswaps)onTransferableSecuritiesand/oranyfinancialInstrumentsandcurrencies.

EachSub-FundmayinvestinwarrantsonTransferableSecuritiesandmayholdcashwithinthelimitssetforthinArticle16.1.B.oftheManagementRegulations.

EachSub-Fundmayinvestinvolatilityfuturesandoptionsaswellasinexchange-tradedfunds.However,suchinvestmentsmaynotcausetheSub-Fundstodivergefromtheirinvestmentobjectives.

Volatilityfuturesrefertothevolatilityimpliedinoptionpricingandthemainrationalforinvestinginsuchfuturesisthatthevolatilitycanbeviewedasanassetclassonitsown.EachSub-Fundwillonlyinvestinvolatilityfuturestradedonregulatedmarketsandthestockindicesunderlyingthevolatilityindiceswillcomplywitharticle44(1)ofthe2010Law.

FurtherInformationaboutCapitalGuaranteedandCapitalProtectedSub‑FundsCapitalProtectedSub-Fundsaimtoprotectinpartortotally,asstatedintheirinvestmentpolicy,thecapitalinvested.Theprotectionmayreferenceaspecifictimehorizon,inwhichcaseitisintendedthattheInvestmentManageristoachievetheresultoftheprotectionattheendofthetimehorizon,accordingtotherulesdescribedintheinvestmentpolicy.Theprotectionisachievedthroughtheuseofderivativesforhedgingpurposesand/orthroughtheuseofriskmanagementtechniquesthatdynamicallyrebalancethecompositionoftheportfolioamongtheadmissibleassetclasses.Fortheobjectiveofprotectingthecapitalinvested,theSub-Fundscouldpresentindifferentmomentsintimeadifferentrisk-returnprofile,sometimesmoresimilartotheprofileofexpectedhighreturnsandvolatilityofequitiesandsometimesmoresimilartotheprofileofmoderatereturnsandvolatilityofferedbybonds.ThevalueoftheSub-Fundswillfluctuateandcanalsofallbelowtheprotectedlevelbeforetheendofthereferencetimehorizon.Forthesakeofclarity,protectiondoesnotinvolveanyformofguarantee,eitherexplicitorimplicit,byanycompanybelongingtothePioneergrouporthepromoter’sgroupordelegatedbythePioneergrouporthepromoter’sgrouptomanageoradvisethemanagementoftheSub-Funds.

CapitalGuaranteedSub-Fundsaimtoguaranteeinpartortotally,asstatedintheirinvestmentpolicy,thecapitalinvested.Theguaranteemayrefertoaspecifictimehorizon,inwhichcaseitisintendedthattheInvestmentManageristoachievetheresultoftheguaranteeattheendthereof,accordingtotherulesdescribedintheinvestmentpolicy.Theguaranteeisachievedthroughtherecoursetoaguaranteegrantedbyathird-partyasmorefullydescribedintheinvestmentpolicyofeachSub-Fund.

IV. Investment Information – GeneralA. Investment Policy




SpecialriskconsiderationsexistforinvestorsinsomeSub-FundsoftheFund.Investmentincertainsecuritiesinvolvesagreaterdegreeofriskthanisusuallyassociatedwithinvestmentinthesecuritiesofothermajorsecuritiesmarkets.PotentialinvestorsshouldconsiderthefollowingrisksbeforeinvestinginanyoftheSub-Funds.

Thissectionisintendedtoinformpotentialinvestorsabouttherisksassociatedwithinvestmentsinfinancialinstruments.Ingeneral,theyshouldbeawarethatthepriceandvalueoftheUnitsmayfallaswellasriseandthattheymaynotrecoverthefullamountinvested.Pastperformancecannotbeconsideredasaguidetofutureperformance;returnsarenotguaranteedandalossofthecapitalinvestedmayoccur.

Incertaincountries,thereisthepossibilityofseizureofassets,confiscatorytaxation,politicalorsocialinstabilityordiplomaticdevelopmentswhichcouldaffectinvestmentinthosecountries.TheremaybelesspubliclyavailableinformationaboutcertainfinancialInstrumentsthansomeinvestorswouldfindcustomary.Legalentitiesinsomecountriesmaynotbesubjecttoaccounting,auditingandfinancialreportingstandardsandrequirementscomparabletothosetowhichcertaininvestorsmaybeaccustomed.Certainfinancialmarkets,whilegenerallygrowinginvolume,haveforthemostpart,substantiallylessvolumethanmoredevelopedmarkets.Securitiesofmanycompaniesarelessliquidandtheirpricesmorevolatilethansecuritiesofcomparablecompaniesinmoresizeablemarkets.Therearealsovaryinglevelsofgovernmentsupervisionandregulationofexchanges,financialinstitutionsandissuersinvariouscountries.Inaddition,themannerinwhichforeigninvestorsmayinvestinsecuritiesincertaincountries,aswellaslimitationsonsuchinvestments,mayaffecttheinvestmentoperationsoftheSub-Funds.

Emergingcountrydebtwillbesubjecttohighrisk,willnotberequiredtomeetaminimumratingstandardandmaynotberatedforcreditworthinessbyanyinternationallyrecognisedcreditratingorganisation.Theissuerorgovernmentalauthoritythatcontrolstherepaymentofanemergingcountry’sdebtmaynotbeableorwillingtorepaytheprincipaland/orinterestwhendueinaccordancewiththetermsofsuchdebt.Asaresult,agovernmentobligormaydefaultonitsobligations.Ifsuchaneventoccurs,theFundmayhavelimitedlegalrecourseagainsttheissuerand/orguarantor.Remediesmust,insomecases,bepursuedinthecourtsofthedefaultingpartyitself,andtheabilityoftheholderofforeigngovernmentdebtsecuritiestoobtainrecoursemaybesubjecttothepoliticalclimateintherelevantcountry.Inaddition,noassurancecanbegiventhattheholdersofcommercialdebtwillnotcontestpaymentstotheholdersofotherforeigngovernmentdebtobligationsintheeventofdefaultundertheircommercialbankloanagreements.

SettlementsystemsinEmergingMarketsmaybelesswellorganisedthanindevelopedmarkets.TheremaybeariskthatsettlementmaybedelayedandthatcashorsecuritiesoftheSub-Fundsmaybeinjeopardybecauseoffailuresorofdefectsinthesystems.Inparticular,marketpracticemayrequirethatpaymentbemadepriortoreceiptofthesecuritywhichisbeingpurchasedorthatdeliveryofasecuritymustbemadebeforepaymentisreceived.Insuchcases,defaultbyabrokerorbank(the“Counterparty”)throughwhomtherelevanttransactioniseffectedmightresultinalossbeingsufferedbySub-Fundsinvestinginemergingmarketsecurities.

TheFundwillseek,wherepossible,touseCounterpartieswhosefinancialstatusissuchthatthisriskisreduced.However,therecanbenocertaintythattheFundwillbesuccessfulineliminatingthisriskfortheSub-Funds,particularlyasCounterpartiesoperatinginEmergingMarketsfrequentlylackthesubstanceorfinancialresourcesofthoseindevelopedcountries.

Theremayalsobeadangerthat,becauseofuncertaintiesintheoperationofsettlementsystemsinindividualmarkets,competingclaimsmayariseinrespectofsecuritiesheld

B. Special Risk Considerations

EmergingMarketsRisks



byortobetransferredtotheSub-Funds.Compensationschemesmaybenon-existentorlimitedorinadequatetomeettheFund’sclaimsinanyoftheseevents.

InsomeEasternEuropeancountriesthereareuncertaintieswithregardtotheownershipofproperties.Asaresult,investinginTransferableSecuritiesissuedbycompaniesowningsuchpropertymaybesubjecttoincreasedrisk.

InvestmentsinRussiaaresubjecttocertainheightenedriskswithregardtotheownershipandcustodyofsecurities.InRussiathisisevidencedbyentriesinthebooksofacompanyoritsregistrar(whichisneitheranagentnorresponsibletotheDepositary).NocertificatesrepresentingownershipofRussiancompanieswillbeheldbytheDepositaryoranyofitslocalcorrespondentsorinaneffectivecentraldepositorysystem.Asaresultofthissystemandthelackoftheeffectivestateregulationandenforcement,theFundcouldloseitsregistrationandownershipofRussiansecuritiesthroughfraud,negligenceorevenmereoversight.Inaddition,Russiansecuritieshaveanincreasedcustodialriskassociatedwiththemassuchsecuritiesare,inaccordancewithmarketpractice,heldincustodywithRussianinstitutionswhichmaynothaveadequateinsurancecoveragetocoverlossduetotheft,destructionordefaultwhilstsuchassetsareinitscustody.

SomeSub-Fundsmayinvestasignificantportionoftheirnetassetsinsecuritiesorcorporatebondsissuedbycompaniesdomiciled,establishedoroperatinginRussiaaswellas,asthecasemaybe,indebtsecuritiesissuedbytheRussiangovernmentasmorefullydescribedforeachrelevantSub-Fundinitsinvestmentpolicy.InvestmentsinTransferableSecuritiesandMoneyMarketInstrumentswhicharenotlistedonstockexchangesortradedonaRegulatedMarketoronanOtherRegulatedMarketinaMemberorOtherStatewithinthemeaningofthe2010LawwhichincludeRussianTransferableSecuritiesandMoneyMarketInstrumentsmaynotexceed10%oftheassetsoftherelevantSub-Funds.TheRussianmarketsmightindeedbeexposedtoliquidityrisks,andliquidationofassetscouldthereforesometimesbelengthyordifficult.However,investmentsinTransferableSecuritiesandMoneyMarketInstrumentswhicharelistedortradedontheRussianTradingSystemandtheMoscowInterbankCurrencyExchangearenotlimitedto10%oftheassetsoftherelevantSub-FundsassuchmarketsarerecognizedasRegulatedMarkets.

TheRussianTradingSystemwasestablishedin1995toconsolidateseparateregionalsecuritiestradingfloorsintoaunifiedregulatedRussiansecuritiesmarket.ItlistsinparticularleadingRussiansecurities.TheRussianTradingSystemestablishesmarketpricesforawiderangeofstocksandbonds.Thetradinginformationisdistributedworldwidethroughfinancialinformationservicescompanies,suchasReutersandBloomberg.

TheMoscowInterbankCurrencyExchangeservesasabasisforthenationwidesystemoftradinginthecurrency,stocksandderivativessectorsofthefinancialmarket,coveringMoscowandRussia’slargestfinancialandindustrialcentres.JointlywithitspartnerstheMICEXGroup(theMICEXStockExchange,theMICEXSettlementHouse,theNationalDepositaryCenter,regionalexchangesandother),theMICEXprovidessettlementandclearingaswellasdepositaryservicesforabout1500organisationsandparticipantsinthestockmarket.

Finally,certainSub-Fundsmayinvestinbondsfromcountrieswhicharenownegotiating,ormayinthefuture,negotiateaccessiontotheEU,whosecreditworthinessisusuallylowerthanofgovernmentbondsissuedbycountriesalreadybelongingtotheEU,butthatcanbeexpectedtopayahighercoupon.

SomeSub-Fundsmayinvestinhighyieldorsub-InvestmentGradesecurities.Investmentinsuchhigheryieldingsecuritiesisspeculativeasitgenerallyentailsincreasedcreditandmarketrisk.Suchsecuritiesaresubjecttotheriskofanissuer’sinabilitytomeet

InvestmentinHighYieldorSub‑InvestmentGradeSecurities




principalandinterestpaymentsonitsobligations(creditrisk)andmayalsobesubjecttopricevolatilityduetosuchfactorsasinterestratesensitivity,marketperceptionofthecreditworthinessoftheissuerandgeneralmarketliquidity.

AlthoughdifferentClassesofUnitsmaybedenominatedinaspecificPricingCurrency,theassetsrelatingtothatClassofUnitsmaybeinvestedinsecuritiesdenominatedinothercurrencies.TheNetAssetValueoftheSub-FundasexpressedinitsBaseCurrencywillfluctuateinaccordancewiththechangesintheforeignexchangeratebetweentheBaseCurrencyoftheSub-FundandthecurrenciesinwhichtheSub-Fund’sinvestmentsaredenominated.TheSub-Fundmaythereforebeexposedtoaforeignexchange/currencyrisk.Itmaynotbepossibleorpracticabletohedgeagainsttheconsequentforeignexchange/currencyriskexposure.

InvestmentorSub-InvestmentManagersmayenterintocurrencytransactions(withinthelimitssetforthinArticle16oftheManagementRegulations)attheirsolediscretion,forthepurposesofefficientportfoliomanagementandforthepurposesofhedging.Therecanbenoassurancethatsuchhedgingtransactionswillbeeffectiveorbeneficialorthattherewillbeahedgeinplaceatanygiventime.

Sub-Fundsinvestingincurrenciesasaprimaryobjectivewillseektoexploitthefluctuationsininternationalcurrencies,throughtheuseofforeigncurrencyandinterestratederivatives.Thismeansthatagreaterthannormalcurrencyriskmayarise.Intheshort-termthismaytaketheformoflarge,unpredictablefluctuationsintheUnitpriceandinthelong-terminanegativeperformanceduetounforeseencurrencyormarkettrends.

Someofthestockexchanges,RegulatedMarketsandOtherRegulatedMarketsonwhichaSub-Fundmayinvestmayprovetobeilliquid,insufficientlyliquidorhighlyvolatilefromtimetotime.ThismayaffectthetimingandpriceatwhichaSub-Fundmayliquidatepositionstomeetredemptionrequestsorotherfundingrequirements.

CertainSub-Fundsandinparticular,theBondSub-FundsandtheShort-TermSub-Fundsmayinvestinmortgagederivativesandstructurednotes,includingmortgage-backedandasset-backedsecurities.Mortgagepass-throughsecuritiesaresecuritiesrepresentinginterestsin“pools”ofmortgagesinwhichpaymentsofbothinterestandprincipalonthesecuritiesaremademonthly,ineffect“passingthrough”monthlypaymentsmadebytheindividualborrowersontheresidentialmortgageloanswhichunderliethesecurities.Earlyorlaterepaymentofprincipalbasedonanexpectedrepaymentscheduleonmortgagepass-throughsecuritiesheldbytheSub-Funds(duetoearlyorlaterepaymentsofprincipalontheunderlyingmortgageloans)mayresultinalowerrateofreturnwhentheSub-Fundsreinvestsuchprincipal.Inaddition,aswithcallablefixed-incomesecuritiesgenerally,iftheSub-Fundspurchasedthesecuritiesatapremium,sustainedearlierthanexpectedrepaymentwouldreducethevalueofthesecurityrelativetothepremiumpaid.Wheninterestratesriseordecline,thevalueofamortgage-relatedsecuritygenerallywilldecline,orincreasebutnotasmuchasotherfixed-income,fixed-maturitysecuritieswhichhavenoprepaymentorcallfeatures.

Paymentofprincipalandinterestonsomemortgagepass-throughsecurities(butnotthemarketvalueofthesecuritiesthemselves)maybeguaranteedbytheU.S.Government,orbyagenciesorinstrumentalitiesoftheU.S.Government(whichguaranteesaresupportedonlybythediscretionaryauthorityoftheU.S.Governmenttopurchasetheagency’sobligations).Certainmortgagepass-throughsecuritiescreatedbynon-governmentalissuersmaybesupportedbyvariousformsofinsuranceorguarantees,whileothersuchsecuritiesmaybebackedonlybytheunderlyingmortgagecollateral.

SomeSub-Fundsmayinvestincollateralisedmortgageobligations(“CMOs”),whicharestructuredproductsbackedbyunderlyingpoolsofmortgagepass-throughsecurities.

ForeignExchange/CurrencyRisk

InvestmentinCurrencies

MarketRisk

InvestmentinMortgage‑RelatedSecuritiesandinAsset‑BackedSecurities



Similartoabond,interestandprepaidprincipalonaCMOarepaid,inmostcases,monthly.CMOsmaybecollateralisedbywholeresidentialorcommercialmortgageloansbutaremoretypicallycollateralisedbyportfoliosofresidentialmortgagepass-throughsecuritiesguaranteedbytheU.S.Governmentoritsagenciesorinstrumentalities.CMOsarestructuredintomultipleclasses,witheachclasshavingadifferentexpectedaveragelifeand/orstatedmaturity.Monthlypaymentsofprincipal,includingprepayments,areallocatedtodifferentclassesinaccordancewiththetermsoftheinstruments,andchangesinprepaymentratesorassumptionsmaysignificantlyaffecttheexpectedaveragelifeandvalueofaparticularclass.

SomeSub-Fundsmayinvestinprincipal-onlyorinterest-onlystrippedmortgage-backedsecurities.Strippedmortgage-backedsecuritieshavegreatervolatilitythanothertypesofmortgage-relatedsecurities.Strippedmortgage-backedsecuritieswhicharepurchasedatasubstantialpremiumordiscountgenerallyareextremelysensitivenotonlytochangesinprevailinginterestratesbutalsototherateofprincipalpayments(includingprepayments)ontherelatedunderlyingmortgageassets,andasustainedhigherorlowerthanexpectedrateofprincipalpaymentsmayhaveamaterialadverseeffectonsuchsecurities’yieldtoduration.Inaddition,strippedmortgagesecuritiesmaybelessliquidthanothersecuritieswhichdonotincludesuchastructureandaremorevolatileifinterestratesmoveunfavourably.

Asnewtypesofmortgage-relatedsecuritiesaredevelopedandofferedtoinvestors,theInvestmentManagerwillconsidermakinginvestmentsinsuchsecurities,providedtheyaredealtinonarecognisedexchange.

Asset-backedTransferableSecuritiesrepresentaparticipationin,oraresecuredbyandpayablefrom,astreamofpaymentsgeneratedbyparticularassets,mostoftenapoolofassetssimilartooneanother,suchasmotorvehiclereceivablesorcreditcardreceivables,homeequityloans,manufacturedhousingloansorbankloanobligations.

Finally,theseSub-Fundsmayinvestincollateralisedloansobligations(“CLOs”)withanunderlyingportfoliocomposedofloans.

Sub-Fundsmayinvestinstructuredproducts.Theseincludeinterestsinentitiesorganisedsolelyforthepurposeofrestructuringtheinvestmentcharacteristicsofcertainotherinvestments.Theseinvestmentsarepurchasedbytheentities,whichthenissueTransferableSecurities(thestructuredproducts)backedby,orrepresentinginterestsin,theunderlyinginvestments.ThecashflowontheunderlyinginvestmentsmaybeapportionedamongthenewlyissuedstructuredproductstocreateTransferableSecuritieswithdifferentinvestmentcharacteristicssuchasvaryingmaturities,paymentprioritiesorinterestrateprovisions.Theextentofthepaymentsmadewithrespecttostructuredinvestmentsdependsontheamountofthecashflowontheunderlyinginvestments.

SomeSub-Fundsmayalsoacquire,whenitisinthebestinterestsoftheUnitholders,creditlinkednotesissuedbyfirstclassfinancialinstitutions.

Theuseofcredit-linkednotescanovercomeproblemsandmitigatecertainrisksassociatedwithdirectinvestmentintheunderlyingassets.

Creditlinkednotesreferencedtounderlyingsecurities,Instruments,basketsorindices,whichaSub-Fundmayhold,aresubjecttobothissuerriskandtheriskinherentintheunderlyinginvestment.

WhensuchcreditlinkednoteswillbetradedonRegulatedMarkets,theSub-FundwillcomplywiththeinvestmentlimitsdescribedunderArticle16.1.C.oftheManagementRegulations.

StructuredProducts




ShouldsuchcreditlinkednotesbenottradedonRegulatedMarkets,theywouldbetreatedasequivalenttoTransferableSecuritiesasfurtherdescribedinArticle16.1.BoftheManagementRegulations.

TheinvestmentlimitswillequallyapplytotheissuerofsuchInstrumentandtotheunderlyingasset.

Sub-FundsmayalsoinvestinindexedsecuritieswhichareTransferableSecuritieslinkedtotheperformanceofcertainsecurities,indices,interestratesorcurrencyexchangerates.Thetermsofsuchsecuritiesmayprovidethattheirprincipalamountsorjusttheircouponinterestratesareadjustedupwardsordownwardsatmaturityoronestablishedcouponpaymentdatestoreflectmovementsinvariousmeasuresofunderlyingmarketorsecuritywhiletheobligationisoutstanding.

Structuredproductsaresubjecttotherisksassociatedwiththeunderlyingmarketorsecurity,andmaybesubjecttogreatervolatilitythandirectinvestmentsintheunderlyingmarketorsecurity.Structuredproductsmayentailtheriskoflossofprincipaland/orinterestpaymentsasaresultofmovementsintheunderlyingmarketorsecurity.

SomeSub-Fundsmayinvestindistressedsecurities.Thesesecuritiesmaybethesubjectofbankruptcyproceedingsorotherwiseindefaultastotherepaymentofprincipaland/orpaymentofinterestatthetimeofacquisitionbytheSub-Fundorareratedinthelowerratingcategories(CaorlowerbyMoody’sorCCorlowerbyStandard&Poor’s)orareunratedinvestmentsconsideredbytheInvestmentManageroftherelevantSub-Fundtobeofcomparablequality.Investmentindistressedsecuritiesisspeculativeandinvolvessignificantrisk.DistressedsecuritiesfrequentlydonotproduceincomewhiletheyareoutstandingandmayrequiretheSub-Fundtobearcertainextraordinaryexpensesinordertoprotectandrecoveritsinvestment.Therefore,totheextenttheSub-Fundseekscapitalappreciationthroughinvestmentindistressedsecurities,theSub-Fund’sabilitytoachievecurrentincomeforitsUnitholdersmaybediminished.TheSub-Fundalsowillbesubjecttosignificantuncertaintyastowhenandinwhatmannerandforwhatvaluetheobligationsevidencedbythedistressedsecuritieswilleventuallybesatisfied(e.g.,throughaliquidationoftheobligor’sassets,anexchangeofferorplanofreorganisationinvolvingthedistressedsecuritiesorapaymentofsomeamountinsatisfactionoftheobligation).Inaddition,evenifanexchangeofferismadeoraplanofreorganisationisadoptedwithrespecttodistressedsecuritiesheldbytheSub-Fund,therecanbenoassurancethatthesecuritiesorotherassetsreceivedbytheSub-Fundinconnectionwithsuchexchangeofferorplanofreorganisationwillnothavealowervalueorincomepotentialthanmayhavebeenanticipatedwhentheinvestmentwasmade.Further,anysecuritiesreceivedbytheSub-Funduponcompletionofanexchangeofferorplanofreorganisationmayberestrictedfromresale.AsaresultoftheSub-Fund’sparticipationinnegotiationswithrespecttoanyexchangeofferorplanofreorganisationwithrespecttoanissuerofdistressedsecurities,theSub-Fundmayberestrictedfromdisposingquicklyofsuchsecurities.

Sub-Fundsmayengageinvariousportfoliostrategiestoattempttoreducecertainrisksofitsinvestmentsandenhancereturn.Thesestrategiesmayincludetheuseofoptions,forwardforeignexchangecontracts,swaps,CreditDefaultSwaps,interestrateswaps,equityswaps,swaptions,totalreturnswaps,currencyswapsandinflation-linkedswaps,futurescontractsandoptionsthereon,includinginternationalequityandbondindices,asdescribedintheManagementRegulations.TheuseofderivativesandothertechniquesandInstrumentsinvolvesfarhigherriskthanstandardinvestmentInstruments.TherecanthereforebenoassurancethattherelevantSub-Fund’sinvestmentobjectiveswillbeachieved.Inaddition,theuseofderivativesandothertechniquesandInstrumentsinvolvesparticularrisk,mainlyassociatedwithleverage,wherebylargeliabilitiescanbeincurredusingrelativelysmallfinancialmeans.Thisistheriskassociatedwiththeuseofrelativelysmallfinancialresourcestoobtainalargenumberofcommitments.

InvestmentinDistressedSecurities

SpecialRisksofHedgingandIncomeEnhancementStrategies



Thebuyingandsellingofequitiesandequity-linkedinstrumentscarriesanumberofrisks,themostimportantbeingthevolatilityofthecapitalmarketsonwhichthosesecuritiesaretradedandthegeneralinsolvencyriskassociatedwiththeissuersofequities,includingindexandbasketcertificates.Indexandbasketcertificatesrarelycarryanyentitlementtorepaymentofinvestedcapitalortointerestordividendpayments.Thecalculationofthereferenceindexorbasketusuallytakesaccountofcostand/orfees;andtherepaymentofinvestedcapitalisusuallyentirelydependentontheperformanceofthereferenceindexorbasket.Althoughindexandbasketcertificatesaredebtinstruments,therisktheycarryisinteraliaanequityrisksincethecertificateperformancedependsonthatofanindexorbasketwhichitselfisdependentontheperformanceofitsowncomponents(e.g.securities).Thevalueofcertificatesthatinverselyreflecttheperformanceoftheircomponentsmayfallwhenmarketsrise.TheriskthattherelevantSub-Fundmayloseallorpartofitsvaluecannotbeexcluded.

Potentialinvestorsshouldbeawareoftheadditionalrisksaswellasofthegeneralpriceriskswheninvestinginshares.Bypickingequitiesonthebasisofearningpotentialratherthancountryororiginorindustry,performancewillnotdependongeneraltrends.

Equity-linkedinstrumentsmaycomprisewarrants,whichconferontheinvestortherighttosubscribeafixednumberofordinarysharesintherelevantcompanyatapre-determinedpriceforafixedperiod.Thecostofthisrightwillbesubstantiallylessthanthecostoftheshareitself.Consequentlythepricemovementsinthesharewillbemultipliedinthepricemovementsofthewarrant.Thismultiplieristheleverageorgearingfactor.Thehighertheleveragethemoreattractivethewarrant.Bycomparing,foraselectionofwarrants,thepremiumpaidforthisrightandtheleverageinvolved,theirrelativeworthcanbeassessed.Thelevelsofthepremiumandgearingcanincreaseordecreasewithinvestorsentiment.Warrantsarethereforemorevolatileandspeculativethanordinaryshares.Investorsshouldbewarnedthatpricesofwarrantsareextremelyvolatileandthatitmaynotalwaysbepossibletodisposeofthem.Theleverageassociatedwithwarrantsmayleadtolossoftheentirepriceorpremiumofthewarrantsinvolved.

Investmentinagivencountrymaybemadeviadirectinvestmentsintothatmarketorbydepositoryreceiptstradedonotherinternationalexchangesinordertobenefitfromincreasedliquidityinaparticularsecurityandotheradvantages.Adepositoryreceipttradedonaneligiblemarketisdeemedaneligibletransferablesecurityregardlessoftheeligibilityofthemarketinwhichthesecurityitrelatestolocallytrades.

Ingeneraltheequityandequity-linkedinstrumentsofsmalland,asthecasemaybe,mediumcapitalisationcompaniesarelessliquidthanthesecuritiesoflargercompaniesasdailyvolumesofsharestradedmayqualifytheirsharesaslessliquid.Inaddition,marketswheresuchsecuritiesaretradedtendtowardsincreasedvolatility.

Investmentsinspecificcountries,sectors,regionsormarkets:whereaninvestmentobjectiverestrictsinvestmenttospecificcountries,sectors,regionsormarketsdiversificationmaybelimited.Performancemaydiffersignificantlyfromthegeneraltrendoftheglobalequitymarkets.

Investmentsinthesecuritiesofcompaniesoperatingmainlyinthepropertysectoraresubjecttoparticularrisks,suchasthecyclicalnatureofpropertysecurities,generalandlocalbusinessconditions,excessiveconstructionandgrowingcompetition,increasingpropertytaxandmanagementcosts,populationchangeanditsimpactoninvestmentincome,changesinbuildinglawsandregulations,lossesarisingfromdamageorcourtdecisions,environmentalrisk,publiclawrestrictionsonrental,neighbourhood-relatedchangesinvaluation,interestraterisk,changesassociatedwiththeattractivenessoflandtotenants,increasesinuseandotherproperty-marketinfluences.

SpecialRiskConsiderationsforinvestorsintheEquitySub‑FundsinvestinginEquitiesandEquity‑LinkedInstruments

DepositoryReceipts

SpecialRiskConsiderationsforInvestorsinSmallorMediumCapFunds

SpecialRiskConsiderationsforInvestorsintheEquitySub‑FundsInvestinginEquitiesandEquity‑LinkedInstruments

InvestmentsinthePropertySector




WheninvestinginUnitsofsomeSub-FundsoftheFundwhichinturnmayinvestinotherUCIsorUCITS,theinvestorsaresubjecttotheriskofduplicationoffeesandcommissionsexceptthatifaSub-FundinvestsinotherUCIsorUCITSmanagedbytheManagementCompanyorsponsoredbythepromoteroftheFund,theSub-Fundwillnotbechargedanysubscriptionandredemptionfeeswithrespecttosuchinvestment.

TheFundmayreinvestthecollateralreceivedinconnectionwithsecuritieslendingandrepurchasetransactions.Reinvestmentofcollateralinvolvesrisksassociatedwiththetypeofinvestmentsmade.

AlthoughtheFundmustavoidanexcessiveconcentrationofitsreinvestmentsatissuerandinstrumentlevel,thereinvestmentofcashreceivedascollateralisnotsubjecttothediversificationrulesgenerallyapplicabletotheFund.

ReinvestmentofcollateralmaycreatealeverageeffectwhichwillbetakenintoaccountforthecalculationoftheFund’sglobalexposure.

TheFundmustemployarisk-managementprocesswhichenablesittomonitorandmeasureatanytimetheriskofthepositionsinitsportfoliosandtheircontributiontotheoverallriskprofileofitsportfolios.

InrelationtofinancialderivativeinstrumentstheFundmustemployaprocessforaccurateandindependentassessmentofthevalueofOTCderivativesasreferredtoinArticle16oftheManagementRegulationsandtheFundshallensureforeachSub-Fundthatitsglobalriskexposurerelatingtofinancialderivativeinstrumentsdoesnotexceedthetotalnetvalueofitsportfolio.

Theglobalriskexposureiscalculatedtakingintoaccountthecurrentvalueoftheunderlyingassets,thecounterpartyrisk,futuremarketmovementsandthetimeavailabletoliquidatethepositions.

EachSub-Fundmayinvest,accordingtoitsinvestmentpolicyandwithinthelimitslaiddowninArticles16.1.and16.2.oftheManagementRegulationsinfinancialderivativeinstrumentsprovidedthattheexposuretotheunderlyingassetsdoesnotexceedinaggregatetheinvestmentlimitslaiddowninArticle16.1.oftheManagementRegulations.

TheFundmayuseValueatRisk(“VaR”)inordertocalculatetheglobalriskexposureofeachrelevantSub-FundandtoensurethatsuchglobalriskexposurerelatingtofinancialderivativeinstrumentsdoesnotexceedthetotalNetAssetValueofsuchSub-Fund.

AttentionofUnitholdersisdrawntothepotentialadditionalleveragewhichmayresultfromtheuseofaVaRmethodologytocalculatetheglobalriskexposurerelatingtofinancialderivativeinstrumentsfortherelevantSub-Fund.

WhenaSub-Fundinvestsinindex-basedfinancialderivativeinstruments,theseinvestmentsdonotnecessarilyhavetobecombinedtothelimitslaiddowninArticle16.1.itemC.(a)(1)-(5),(8),(9),(13)and(14)oftheManagementRegulations.

WhenaTransferableSecurityorMoneyMarketInstrumentembedsaderivative,thelattermustbetakenintoaccountwhencomplyingwiththerequirementsofthisSection.

TheInvestmentManagermayengageinsub-underwritingtransactionsonbehalfofaSub-Fund.Inanunderwritingtransactionabank,stock-broker,majorshareholderofthecompanyorotherrelatedorunrelatedpartymayunderwriteanentireissueofsecurities.ASub-Fundmayinturnsub-underwriteaportionofthatissueofsecuritiespursuanttoasub-underwritingtransaction.TheInvestmentManagermayonlyengageinsub-

InvestmentinUnitsorSharesofUCIsorUCITS

ReinvestmentofCollateralReceivedinConnectionwithSecuritiesLendingandRepurchaseTransactions

GlobalExposure

Sub‑Underwriting



underwritinginrelationtosecuritieswhichtherelevantSub-FundcouldotherwiseinvestindirectlyinaccordancewiththeinvestmentobjectiveandpoliciesoftheSub-Fundandtherelevantinvestmentrestrictions.ASub-Fundmustmaintainatalltimessufficientliquidassetsorreadilymarketablesecuritiestocoveritsobligationsunderanysub-underwritingarrangements.

SomeSub-Fundsmayinvestaportionoftheirassetsinfinancialderivativeinstruments.Therisksposedbysuchinstrumentsandtechniques,whichcanbeextremelycomplexandmayinvolveleverage,include:(1)creditrisks(theexposuretothepossibilityoflossresultingfromacounterparty’sfailuretomeetitsfinancialobligations);(2)marketrisk(adversemovementsinthepriceofafinancialasset);(3)legalrisks(thecharacterisationofatransactionoraparty’slegalcapacitytoenterintoitcouldrenderthefinancialcontractunenforceableandtheinsolvencyorbankruptcyofacounterpartycouldpre-emptotherwiseenforceablecontractrights);(4)operationalrisk(inadequatecontrols,deficientprocedures,humanerror,systemfailureorfraud);(5)documentationrisk(exposuretolossesresultingfrominadequatedocumentation);(6)liquidityrisk(exposuretolossescreatedbyaninabilityprematurelytoterminatethederivative);(7)systemrisk(theriskthatfinancialdifficultiesinoneinstitutionoramajormarketdisruptionwillcauseuncontrollablefinancialharmtothefinancialsystem);(8)concentrationrisk(exposuretolossesfromtheconcentrationofcloselyrelatedriskssuchasexposuretoaparticularindustryorexposurelinkedtoaparticularentity);and(9)settlementrisk(theriskfacedwhenonepartytoatransactionhasperformeditsobligationsunderacontractbuthasnotyetreceivedvaluefromitscounterparty).

Useofderivativetechniquesinvolvescertainadditionalrisks,including(i)dependenceontheabilitytopredictmovementsinthepriceofthesecuritieshedged;(ii)imperfectcorrelationbetweenmovementsinthesecuritiesonwhichthederivativeisbasedandmovementsintheassetsoftheunderlyingportfolio;and(iii)possibleimpedimentstoeffectiveportfoliomanagementortheabilitytomeetshort-termobligationsbecauseapercentageoftheportfolio’sassetsissegregatedtocoveritsobligations.

Inhedgingaparticularposition,anypotentialgainfromanincreaseinvalueofsuchpositionmaybelimited.

SomeSub-FundsmayenterintoOTCderivativeagreementsincludingswapagreementsasmorefullydescribedintheirinvestmentpolicy.SuchagreementsmayexposetherelevantSub-Fundtoriskswithregardtothecreditstatusofitscounterpartiesandtheircapacitytomeettheconditionsofsuchagreements.

ConsistentwithbestexecutionandatalltimeswhenitisinthebestinterestsoftheSub-FundanditsUnitholders,aSub-FundmayalsoenterintosuchOTCderivativeagreementswithothercompaniesinthesameGroupofCompaniesastheManagementCompanyorInvestmentManager.

Sub-FundassetsaredepositedwiththeDepositaryandidentifiedintheDepositary’sbooksasbelongingtotherespectiveSub-Funds.Assets,exceptcash,aresegregatedfromotherassetsoftheDepositarywhichmitigatesbutdoesnotpreventtheriskofnon-restitutionintheeventofbankruptcyoftheDepositary.Cashdepositsarenotsegregatedinthiswayandthereforeexposedtoincreasedriskintheeventofbankruptcy.

Sub-Fundassetsarealsoheldbysub-custodiansappointedbytheDepositaryincountrieswheretheSub-Fundsinvestand,notwithstandingcompliancebytheDepositarywithitslegalobligations,arethereforeexposedtotheriskofbankruptcyofthosesub-custodians.ASub-Fundmayinvestinmarketswherecustodialorsettlementsystemsarenotfullydeveloped,whereassetsareheldbyasub-custodianandwheretheremaybeariskthattheDepositarymayhavenoliabilityforthereturnofthoseassets.

InvestmentinFinancialDerivativeInstruments

CounterpartyRisks

CustodyRisk




ThevalueoftheUnitsofeachCapitalProtectedandCapitalGuaranteedSub-FundmayvaryconsiderablypriortotheMaturityDate,GuaranteedDateorothersimilardate,due,amongotherthings,tothefluctuationsinindices,volatilityinindices,interestrates,currencyexchangerates,changeincreditratings,politicaloccurrencesandothereventswhicharedifficulttopredictandbeyondthecontroloftheFund.ProspectiveinvestorsshouldthereforeensurethattheyunderstandthenatureoftheirinvestmentandcarefullystudytheriskfactorssetoutintheProspectusbeforetheyinvestinanySub-Fund.

Anyinvestorwhodecidestoredeemhis/herUnitsintheCapitalProtectedandCapitalGuaranteedSub-FundspriortoanyMaturityDateorGuaranteedDatewillnotbenefitfromtheprotectionorGuaranteeontheUnitsredeemed.Consequently,theamountreturnedmaybelessthanthevalueoftheGuaranteeorprotectionorthevalueoftheoriginalsubscription.

PriortotheMaturityDate(asdefinedforeachrelevantSub-Fundherebelow)theNetAssetValueoftheseSub-FundswillgenerallymoveincorrelationwithanindexorareferenceportfolioasdescribedintheinvestmentpolicyofeachSub-FundandmaythereforebebelowtheInitialPrice.InvestorswishingtoredeemtheirUnitsbeforetheMaturityDateshouldbeawarethatthepriceatwhichtheyredeemtheirUnitsmaybebelowtheInitialPrice.

PredefinedpayoutdueontheMaturityDateisavailableonlyattheMaturityDateandthereaftertheamountofthepayoutshall,untilredemptionofthecorrespondingUnits,remaininvestedintheSub-FundinaccordancewiththeinvestmentstrategyapplicabletotheSub-FundfollowingtheMaturityDateandthevalueoftheinvestmentfollowingtheMaturityDatewillmoveinaccordancewithsuchstrategy.

InvestmentManagementandopposingpositions:theInvestmentManager,oranothermemberofthegroupofcompaniestowhichitbelongs,maymakeinvestmentdecisions,undertaketransactionsandmaintaininvestmentpositionsforoneormoreclientsthatmayimpacttheinterestsofotherclientsandthatmayposeaconflictofinterestfortheInvestmentManager,particularlyifthecompanyand/oritsstaffearnhighercompensationfromonemandate,productorclientthanforanother.Suchconflicts,forinstance,arepresentwhentheInvestmentManager,oranothermemberofthegroupofcompaniestowhichitbelongs,buysandsellsthesamesecurityatthesametimefordifferentclientsormaintainsmarketpositionsinthesameinstrumentswithmarketexposureinoppositedirectionsatthesametimefordifferentclients.TheInvestmentManagerandindividualportfoliomanagersmaymanagelongonly,long-shortorshortonlymandateswheresuchconflictsofinterestmaybeespeciallyprevalent.Suchinvestmentdecisions,transactionsorpositionsaretaken,madeandmaintainedinaccordancewithestablishedpoliciesandproceduresdesignedtoensureanappropriateaggregationandallocationoftradesandinvestmentdecisionsexecutedortakenwithoutcreatingundueadvantageordisadvantagetoanyoftheInvestmentManager’smandates,productsorclient’sandinlinewiththerelevantmandatesandinvestmentguidelinesforsuchclients.

Incertainsituationsthough,managementoftheseconflictsmayresultinalossofinvestmentopportunityforclientsormaycausetheInvestmentManagertotradeormaintainmarketexposuresinamannerthatisdifferentfromhowitwouldtradeiftheseconflictswerenotpresent,whichmaynegativelyimpactinvestmentperformance.

RisksFactorsRelatingtotheCapitalProtectedandCapitalGuaranteedSub‑Funds

RedemptionbeforetheMaturityDate(ifapplicable)withintheCapitalProtectedandCapitalGuaranteedSub‑Funds

InvestmentManagementandOpposingPositions



ThefollowinggeneralsummaryisbasedonthelawsinforceinLuxembourgonthedateofthisProspectusandissubjecttoanyfuturechangeinlaworpractice.ThesummaryisprovidedsolelyforpreliminaryinformationpurposesandisnotintendedasacomprehensivedescriptionofallofthetaxconsiderationsthatmayberelevanttoaprospectiveinvestorortoanytransactionsinUnitsoftheFundandisnotintendedtobenorshoulditbeconstruedaslegalortaxadvice.Investorsshouldconsulttheirprofessionaladvisersastotheeffectsofthelawsoftheircountriesofcitizenship,establishment,domicileorresidenceoranyotherjurisdictiontowhichtheinvestormaybesubjecttotax.Investorsshouldbeawarethatincomeordividendsreceivedorprofitsrealizedmayleadtoanadditionaltaxationinthosejurisdictions.Investorsshouldconsulttheirtaxadvisertodeterminetowhatextent,ifany,theirjurisdictionofdomicileoranyotherapplicablejurisdictionwillsubjectsuchUnitholdertotax.

UnderthecurrentlawsofLuxembourg,theFundisliableinLuxembourgtoasubscriptiontax(taxe d’abonnement)of0.05%perannumofitsnetassetvalue,payablequarterlyonthebasisofthenetassetsoftheFundattheendoftheacalendarquarter.

However,areducedtaxrateof0.01%applieswhereaSub-Fundinvestsexclusivelyinmoneymarketinstrumentsordepositswithcreditinstitutions,orwheretheUnitsorClassofUnitsoftheSub-Fundarereservedtooneormoreinstitutionalinvestors.

Thisreducedsubscriptiontax(taxe d’abonnement)ratewillapplyinrespectofClassIandClassXUnitsofallSub-Funds.

Thefollowingexemptionsfromsubscriptiontax(taxe d’abonnement)areapplicable:→→ where→the→Sub-Fund→invests→in→the→units→of→another→UCI→whereby→that→UCI→has→already→been→subject→to→a→subscription→tax→(taxe d’abonnement);→

→→ where→Unit→Classes→of→Sub-Funds→(i)→are→sold→to→institutional→investors;→(ii)→the→Sub-Fund→invests→exclusively→in→money→market→instruments→or→deposits→with→credit→institutions→(iii)→the→weighted→residual→portfolio→maturity→does→not→exceed→90→days;→and→(iv)→the→Sub-Fund→has→obtained→the→highest→possible→rating→from→a→recognized→rating→agency;→or

→→ where→Unit→Classes→of→Sub-Funds→are→reserved→for→(i)→institutions→incorporated→for→occupational→retirement→provision,→or→similar→investment→vehicles,→created→as→part→of→the→same→group→for→the→benefit→of→its→employees→or→for→(ii)→undertakings→of→a→group→mentioned→in→(i)→investing→monies→held→by→them→to→provide→retirement→benefits→to→their→employees.→→

UndercurrentLuxembourgtaxlawandsubjecttotheapplicationofthelawsdated21June2005implementingCouncilDirective2003/48/EContaxationofsavingsincomeintheformofinterestpayments(the“EU Savings Directive”)andalsosubjecttoseveralagreementsconcludedbetweenLuxembourgandcertaindependantterritoriesoftheEuropeanUnion,thereisnowithholdingtaxonanydistributionmadebytheFundoritspayingagenttotheUnitholders.

ALuxembourgpayingagent(withinthemeaningoftheEUSavingsDirective)isrequired,since1July2005,towithholdtaxoninterestandothersimilarincomeaspaidbyitto(orundercertaincircumstances,forthebenefitof)anindividualoraresidualentity(a“ResidualEntity”)pursuanttoArticle4.2.oftheEUSavingsDirective.ThesameregimeappliestopaymentstoindividualsorResidualEntitiesresidentorestablishedinanyofthefollowingterritories:Aruba,BritishVirginIslands,Guernsey,IsleofMan,Jersey,MontserratandtheformerNetherlandsAntilles.Thewithholdingtaxrateiscurrently35%since1July2011.

InterestpaymentswithinthemeaningoftheEUSavingsDirectiveinclude(i)distributionsofprofitsoftheSub-Fundsderivedfrominterestpaymentswheremorethan15%ofthe

V. Financial Information – GeneralTaxation




Sub-Fundsassetsareinvestedindebtclaims,and(ii)incomerealiseduponthesale,refundorredemptionofUnitsiftheFundinvestsdirectlyorindirectlymorethan25%ofitsnetassetsindebtclaimsandtotheextentsuchincomecorrespondstogainsdirectlyorindirectlyderivedfrominterestpayments.

TheissueofUnitsagainstcashisnotsubjecttoanycapitalorotherproportionalregistrationtaxinLuxembourg.

TheFund,actingthroughitsManagementCompany,isconsideredinLuxembourgasataxablepersonforVATpurposeswithoutinputVATdeductionright.AVATexemptionappliesinLuxembourgforservicesqualifyingasfundmanagementservices.OtherservicessuppliedtotheFund/ManagementcompanycouldpotentiallytriggerVATandrequiretheVATregistrationoftheManagementCompanyinLuxembourgastoself-assesstheVATregardedasdueinLuxembourgontaxableservices(orgoodstosomeextent)purchasedfromabroad.

NoVATliabilityarises,inprinciple,inLuxembourginrespectofanypaymentsbytheFundtotheUnitholders,assuchpaymentsarelinkedtotheirsubscriptiontotheFund’sUnitsandthereforedonotconstituteconsiderationreceivedfortaxableservicessupplied.

1. ConversionofUnits WhenconvertingUnitsofaSub-FundintoUnitsofanotherSub-Fundwithinthesame

ClassofUnitschargingahighersalescharge,aconversionfeeequaltothedifferencebetweenthesaleschargeoftheSub-FundtobepurchasedandthesaleschargeoftheSub-FundtobesoldmaybechargedbytheDistributortotheUnitholder.NoconversionfeewillbeleviedtotheUnitholderwhenconvertingUnitsfromaSub-Fundchargingahighercommission.

WhenconvertingeitherClassAUnitsofaSub-FundintoClassAUnitsrespectivelyofanotherSub-Fund,anadditionalconversionfeeofupto1%maybeleviedasapercentageoftheNetAssetValueoftheUnitstobeconvertedbytheDistributororitsAgentstotheUnitholder.TheDistributororitsAgentsshallinformtheinvestorswhethersuchadditionalconversionfeeapplies.

IfUnitholdersconvertUnitsofeitherClassBorC(whicharesubjecttoadeferredsalescharge),ofoneSub-FundeitherforClassBorCrespectivelyofanotherSub-Fund,thetransactionwillnotbesubjecttoadeferredsalescharge.However,whenUnitholdersredeemtheUnitsacquiredthroughtheconversion,theredemptionmaybesubjecttothedeferredsaleschargeand/oraredemptionfeeifapplicabletothatClass,dependinguponwhenUnitholdersoriginallypurchasedtheUnitsofthatClass.

2. Sub‑Fund’sOperationalExpenses FeesoftheDepositaryandPayingAgentandtheAdministrator TheDepositaryandPayingAgentandtheAdministratorareentitledtoreceiveafee

outoftheassetsoftherelevantSub-Fund(ortherelevantClassofUnits,ifapplicable),whichwillrange,dependingonthecountrywheretheassetsoftherelevantSub-Fundareheld,from0.003%to0.5%oftheassetvaluesunderlyingtherelevantSub-FundorClassofUnits,payablemonthlyinarrears.

CostoftheGuarantee TheGuarantorisentitledtoreceivefromtheDynamicHybrid80GuaranteedSub-Fund

afeecomprisingthecostoftheguaranteecalculatedasapercentageoftheNetAssetValueoftherelevantClassofUnits,assummarisedintheChartabove,accruingoneachValuationDayandpayablemonthlyinarrearsonthebasisoftheaveragedailyNetAssetValueofthoseUnits.

FeesandExpenses



YoucanbuyandsellUnitsoftheSub-FundsfromtheManagementCompany/DistributororitsAgent,fromtheRegistrarandTransferAgentordirectlyfromtheFund:

Management Company and Distributor: Pioneer Asset Management S.A. 4,RueAlphonseWeickerL-2721LuxembourgGrand-DuchyofLuxembourg

Registrar and Transfer Agent: European Fund Services S.A. 18,BoulevardRoyalL-2449LuxembourgGrand-DuchyofLuxembourg

Dealing time: TheManagementCompanydoesnotpermitexcessivetradingpractices.Excessive,short-term(market-timing)tradingpracticesmaydisruptportfoliomanagementstrategiesandharmtheFund’sperformance.TominimiseharmtotheFundandtheUnitholdersandforthebenefitoftherelevantSub-Fund,theManagementCompanyhastherighttosuspendanysubscription,redemptionorconversionorder,orlevyafeeofupto2%ofthevalueoftheorderfromanyinvestorwhoisengaginginexcessivetradingorhashistoryofexcessivetradingorifaninvestor’strading,intheopinionoftheManagementCompany,hasbeenormaybedisruptivetotheFundoranyoftheSub-Funds.

Inexercisingtheserights,theManagementCompanymayconsidertradingdoneinmultipleaccountsundercommonownershiporcontrol.Whereaccountsareheldbyanintermediaryonbehalfofclient(s),suchasnomineeaccountsthemanagementCompanymayrequiretheintermediarytoprovideinformationaboutthetransactionsandtotakeactiontopreventexcessivetradingpractices.TheManagementCompanyalsohasthepowertoredeemallUnitsheldbyaUnitholderwhoisorhasbeenengagedinexcessivetrading.TheManagementCompanywillnotbeheldliableforanylossresultingfromrejectingordersormandatoryredemptions.

Anapplicationforsubscription,conversionorredemptionmustbereceivedbytheRegistrarandTransferAgent(onbehalfoftheManagementCompanyfromtheAgents(ifany)ordirectlyfromtheinvestor),beforethecut-offtime(the“cut-offtime”)shownbelow:

Sub‑Fund Dealingcut‑offtimeAll Sub-Funds (except as detailed below) Any time before 6.00 p.m. Luxembourg time

on the relevant Valuation DayDynamic Hybrid 80 Guaranteed Please refer to the information below for

subscriptionsStrategiePortfolio Absolut Any time before noon Luxembourg StrategiePortfolio Balance time on the relevant Valuation Day StrategiePortfolio Wachstum StrategiePortfolio Chance

AnapplicationforsubscriptionintheDynamicHybrid80GuaranteedSub-FundmustbereceivedbytheRegistrarandTransferAgent(onbehalfoftheManagementCompanyfromtheAgents(ifany)ordirectlyfromthesubscriber)onthelastbusinessdayofeachcalendarmonthoronthefirsttwobusinessdaysofeachcalendarmonth(“cut-offdates”)atanytimebefore6.00p.m.Luxembourgtime(the“cut-offtime”).SubscriptionswillbeprocessedattheNetAssetValuecalculatedontherelevantcut-offdate.Asubscriptionreceivedonthefirstorsecondbusinessdayofeachcalendarmonthwillberejectedinthe

VI. Commercial Information – GeneralSubscription,RedemptionandConversionofUnits




eventthattheNetAssetValuecalculatedonthatdayislessthan80%oftheNetAssetValueoftheSub-FundprevailingonthelastBusinessDayoftheprecedingcalendarmonth.

Allsubscriptions,conversionsorredemptionsaremadeonthebasisofanunknownNetAssetValue.

Applicationsreceivedafterthecut-offtimeshallbedeemedtohavebeenreceivedonthenextValuationDayexceptfortheDynamicHybrid80GuaranteedSub-Fund.

SubscriptionapplicationsfortheDynamicHybrid80GuaranteedSub-Fundreceivedafterthecut-offtimeonthecut-offdateshallbedeemedtohavebeenreceivedonthenextapplicablecut-offdate.

ApplicationsforallSub-Fundsreceivedafterthecut-offtimeshallbedeemedtohavebeenreceivedonthenextValuationDay.

Inaddition,differenttimelimitsmayapplyifsubscriptions,redemptionsorconversionsofUnitsaremadethroughanAgent,providedthattheprincipleofequaltreatmentofUnitholdersiscompliedwith.Insuchcases,theAgentwillinformtherelevantinvestoroftheprocedurerelevanttosuchinvestor.Applicationsforsubscription,redemptionorconversionthroughtheDistributorortheAgent(s)maynotbemadeondayswheretheDistributorand/oritsAgent(s),ifany,arenotopenforbusiness.Incasesubscriptions,redemptionsorconversionsofUnitsaremadethroughtheDistributororanAgent,suchAgentwillonlyforwardthoseapplicationswhichwerereceivedpriortothecut-offtimementionedabove.

TheManagementCompanymaypermitasubscription,redemptionorconversionapplicationtobeacceptedbytheRegistrarandTransferAgentafterthecut-offtimeprovidedthat(i)theapplicationisreceivedbeforesuchcut-offtimebytheDistributorand/oritsAgent(s),(ii)theacceptanceofsuchrequestdoesnotimpactotherUnitholdersand(iii)thereisequaltreatmenttoallUnitholders.

NoAgentispermittedtowithholdordersinordertobenefitpersonallyfromapricechange.

(i) Subscription: Investorssubscribingforthefirsttimemustcompleteanapplicationforminfull.Forsubsequentsubscriptions,instructionsmaybegivenbyfax,bypostorotherformofcommunicationdeemedacceptablebytheManagementCompany.

Minimuminitialsubscriptionandholdingrequirementsperinvestormaybeprovidedassummarizedintherelevantcountryspecificinformation.

Paymentforsubscriptionsmustbereceivedatthelatestthree(3)BusinessDaysaftertherelevantValuationDayexceptfor(i)theStrategiePortfolioAbsolut,theStrategiePortfolioBalance,theStrategiePortfolioWachstumandtheStrategiePortfolioChanceSub-Fundsforwhichpaymentsforsubscriptionsmustbereceivedatthelatesttwo(2)BusinessDaysaftertherelevantValuationDayand(ii)incaseofsubscriptionsmadethroughanAgentforwhichpaymentsmayhavetobereceivedwithinadifferenttimeframe,inwhichcasetheAgentwillinformtherelevantinvestoroftheprocedurerelevanttothatinvestor.

Unitsareonlyassignedtoinvestorsandconfirmationofregistrationdispatchedtothemifpaymentofthedealingprice(plusanyapplicablesalescharge)andoriginalapplicationformhavebeenreceivedbytheRegistrarandTransferAgent,theDistributorortheAgent(s).

PaymentofthedealingpriceistobemadeinthePricingCurrencyorinanyothercurrencyspecifiedbytheinvestoracceptabletotheManagementCompany,inwhichcase



thecostofanycurrencyconversionshallbepaidbytheinvestorandtherateofthesuchconversionwillbethatprevailingontherelevantValuationDay.

(ii) Conversion: InaccordancewiththerulessetforthinArticle7oftheManagementRegulations,aUnitholdermayconvertallorpartoftheUnitsheholdsinaSub-FundintoUnitsofanotherSub-FundbutwithinthesameClassofUnits.

InstructionsfortheconversionofUnitsmaybemadebyfax,bytelephone,bypostorotherformofcommunicationdeemedacceptablebytheManagementCompany.

UnitholdersmayexchangeNon-DistributingUnitsforDistributingUnitsandviceversawithinthesameoranotherSub-FundbutwithinthesameClassofUnits.Similarly,UnitholdersmayexchangeHedgedUnitClassesforthesameClasswhichisnotHedgedUnitClassbutiswithinthesameSub-Fund.

UnlessanduntilotherwisedecidedbytheManagementCompany,noconversionsareavailabletoorfromtheDynamicHybrid80GuaranteedSub-Fund.

UnitholdersmustspecifytherelevantSub-Fund(s)andClass(es)ofUnitsaswellasthenumberofUnitsormonetaryamounttheywishtoconvertandthenewlyselectedSub-Fund(s)towhichtheirUnitsaretobeconverted.

ThevalueatwhichUnitsofanyClassinanySub-FundshallbeconvertedwillbedeterminedbyreferencetotherespectiveNetAssetValueoftherelevantUnits,calculatedonthesameValuationDaydecreased,ifappropriate,byaconversionfee,asprovidedabove.

AconversionofUnitsofoneSub-FundforUnitsofanotherSub-FundincludingconversionsbetweenNon-DistributingUnitsandDistributingUnitsorHedgedandnon-HedgedUnits,willbetreatedasaredemptionofUnitsandsimultaneouspurchaseofUnits.AconvertingUnitholdermay,therefore,realiseataxablegainorlossinconnectionwiththeconversionunderthelawsofthecountryoftheUnitholder’scitizenship,residenceordomicile.

AlltermsandnoticesregardingtheredemptionofUnitsshallequallyapplytotheconversionofUnits.

InconvertingUnitsofaSub-FundforUnitsofanotherSub-Fund,aUnitholdermustmeetanyapplicableminimuminvestmentrequirementimposedintherelevantClassbytheacquiredSub-Fund.

If,asaresultofanyrequestforconversiontheaggregateNetAssetValueoftheUnitsheldbytheconvertingUnitholderinaClassofUnitswithinaSub-Fundfallsbelowtheminimumholdingrequirementindicatedherein,theFundmaytreatsuchrequestasarequesttoconverttheentireunitholdingofsuchUnitholderinsuchClassattheFund’sdiscretion.

If,onanygivendate,conversionrequestsrepresentingmorethan10%oftheUnitsinissueinanySub-FundmaynotbeeffectedwithoutaffectingtherelevantSub-Fund’sassets,theManagementCompanymay,uponconsentoftheDepositary,deferconversionsexceedingsuchpercentageforsuchperiodasisconsiderednecessarytosellpartoftherelevantSub-Fund’sassetsinordertobeabletomeetthesubstantialconversionrequests.

TheDistributormayalsooffer,eitherdirectlyorthroughitsAgents(ifany),thepossibilityofconvertingallorpartoftheUnitsaUnitholderholdsinaSub-FundoftheFundintoUnitsofanotherSub-FundbelongingtothePioneerFundsorPioneerS.F.butwithinthesameclassofunits.Suchaconversionshallbemadeinaccordancewithanytermsandconditionsofthosefunds’offeringdocuments.ThoseofferingdocumentsareavailableattheregisteredofficeoftheManagementCompanyandattheregisteredofficeofthe




Agents(ifany).Investorsshouldcontacttheirfinancialadvisorforfurtherinformation.IntheeventofaconversionfromaSub-FundoftheFund(otherthantheDynamicHybrid80Guaranteed,StrategiePortfolioAbsolut,StrategiePortfolioBalance,StrategiePortfolioWachstumandStrategiePortfolioChanceSub-Funds)toanotherSub-FundofPioneerFundsorPioneerS.F.,theproceedsofconversiononaBusinessDaywillbeinvestedonthenextfollowingbusinessdayofPioneerFundsorPioneerS.F.andatthenetassetvaluedeterminedinrespectofthatbusinessday.

(iii) Redemption:InaccordancewiththerulessetforthinArticle6.2.oftheManagementRegulations,UnitholdersmayrequestredemptionoftheirUnitsatanytimebeforethecut-offtime(ashereabovedefined)onanyValuationDay.

InstructionsfortheredemptionofUnitsmaybemadebyfax,bytelephone,bypostorotherformofcommunicationdeemedacceptablebytheManagementCompany.

UponinstructionreceivedfromtheRegistrarandTransferAgent,paymentoftheredemptionpricewillbemadebymoneytransferwithavaluedatenotlaterthanthree(3)BusinessDaysfollowingtherelevantValuationDay,exceptfor(i)theStrategiePortfolioAbsolut,theStrategiePortfolioBalance,theStrategiePortfolioWachstumandtheStrategiePortfolioChanceSub-Fundsforwhichpaymentsforredemptionmustbemadeatthelatesttwo(2)BusinessDaysaftertherelevantValuationDayand(ii)incaseofredemptionsmadethroughanAgentforwhichpaymentoftheredemptionpricemaybemadewithinadifferenttimeframeinwhichcase,theAgentwillinformtherelevantUnitholderoftheprocedurerelevanttothatUnitholder.Paymentmayalsoberequestedbycheque,inwhichcaseadelayinprocessingmayoccur.

Ifonanygivendatepaymentonredemptionrequestsrepresentingmorethan10%oftheUnitsinissueinanySub-FundmaynotbeeffectedoutoftherelevantSub-Fund’sassetsorauthorisedborrowing,theManagementCompanymay,uponconsentoftheDepositary,deferredemptionsexceedingsuchpercentageforsuchperiodasisconsiderednecessarytosellpartoftherelevantSub-Fund’sassetsinordertobeabletomeetthesubstantialredemptionrequests.

If,asaresultofanyrequestforredemption,theaggregateNetAssetValueoftheUnitsheldbytheredeemingUnitholderinaClassofUnitswithinaSub-Fundwouldfallbelowtheminimumholdingrequirementindicatedherein,theFundmaytreatsuchrequestasarequesttoredeemtheentireunitholdingofsuchUnitholderinsuchClass.

PaymentoftheredemptionpriceistobemadeinthePricingCurrencyorinanyothercurrencyspecifiedbytheinvestorandacceptabletotheManagementCompany,inwhichcasethecostofanycurrencyconversionshallbebornebytheinvestorandtherateofsuchconversionwillbethatoftherelevantValuationDay.

TheManagementCompanymayissueDistributingUnitsandNon-DistributingUnitsincertainClassesofUnitswithintheSub-Funds,assummarisedinthecountryspecificinformationreferredtointhepresentProspectus.

Non-DistributingUnitscapitalisetheirentireearningswhereasDistributingUnitsmaypaydistributions.TheManagementCompanydetermineshowtheincomeoftherelevantClassesofUnitsoftherelevantSub-Fundsisdistributed.TheManagementCompanymaydeclare,atsuchtimeandinrelationtosuchperiodsastheManagementCompanymaydetermine,distributionsintheformofcashorUnitsasdescribedbelow.WithrespecttoDistributingUnits,theManagementCompanymay,incompliancewiththeprincipleofequaltreatmentofUnitholders,issueUnitshavingdifferentdistributioncyclesdependingonthecountrieswheretheyaresoldasmorefullydescribedintherelevantcountryspecificinformation.

DistributionPolicy



Alldistributionswill,inprinciple,bepaidoutofthenetinvestmentincomeavailablefordistribution.TheManagementCompanymay,incompliancewiththeprincipleofequaltreatmentofUnitholders,decidethatforsomeClassesofUnits,distributionswillbepaidoutofthegrossassetsdependingonthecountrieswheresuchClassesofUnitsaresold.Thiswillbemorefullydescribedintherelevantcountryspecificinformation.ForcertainClassesofUnits,theManagementCompanymaydecidefromtimetotimetodistributenetrealisedcapitalgains.

Unlessotherwisespecificallyrequested,dividendswillbereinvestedinfurtherUnitswithinthesameClassofthesameSub-Fundandinvestorswillbeadvisedofthedetailsbywayofatransactionnote.

ForClassesofUnitsentitledtodistribution,dividends,ifany,willbedeclaredanddistributedonanannualbasis.InterimdividendsmaybedeclaredanddistributedfromtimetotimeatafrequencydecidedbytheManagementCompanywiththeconditionssetforthbylaw.

Nodistributionmaybemadeif,asaresult,theNetAssetValueoftheFundwouldfallbeloweuro1,250,000.

DividendsnotclaimedwithinfiveyearsoftheirduedatewilllapseandreverttotherelevantClassoftherelevantSub-Fund.

NointerestshallbepaidonadistributiondeclaredbytheFundandkeptbyitatthedisposalofaUnitholder.

TheNetAssetValueisnormallycalculatedoneachBusinessDay,(the“ValuationDay”)byreferencetothevalueoftheunderlyingassetsoftherelevantClasswithintherelevantSub-Fund.TheseunderlyingassetsarevaluedatthelastavailablepricesatthetimeofvaluationontherelevantValuationDay.

Wheneverusedherein,theterm“BusinessDay”shallmeanafulldayonwhichbanksandthestockexchangeareopenforbusinessinLuxembourgCity.

NetAssetValue

JOB: A10-0506-01 Pioneer SF English | Page OBC | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-21-11 JOB: A10-0506-01 Pioneer SF English | Page OFC | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-21-11

Contact InformationPioneer Asset Management S.A. 4, rue Alphonse Weicker L-2721 Luxembourg.

Tel: +352 42120-1Fax: +352 421981

www.pioneerinvestments.eu www.pioneerinvestments.com

simplified prospectus - unicredit bulbank

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